The Instit BCI SA Flexible Income Fund is a domestic income generating portfolio with the objective to achieve a high level of sustainable income. The investments universe of the portfolio includes South African instruments and securities of an interest-bearing nature, including bonds, inflation linked bonds, fixed deposits, loan stock, debentures, notes, debenture bonds, unsecured notes, financial instruments and any other domestic non-equity securities which are considered consistent with the portfolio's primary objective and that the Act or the Authority may allow from time to time. The portfolio may also invest in participatory interests and other forms of participation in portfolios of collective investment schemes, registered in South Africa.
The portfolio may from time to time invest in listed and unlisted financial instruments, in accordance with the provisions of the Act, and the Regulations thereto, as amended from time to time, in order to achieve the portfolio's investment objective. The manager may only include the following unlisted financial instruments for efficient portfolio management purposes: interest rate swap transactions. The Trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out.
For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.

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